Single-family homes continue to progress. Home sales rallied for a second straight month, adding to the numbers in May. Silicon Valley’s median home sale price rose 2.2 percent in June, to $598,000. The number of homes sold in the South Bay jumped more than 14 percent in June compared to the previous month.

Unemployment rate, joblessness up. The Silicon Valley posted positive results with a small rise in the number of residences employed in June. Unfortunately, the number of unemployed residents also grew. More than 94,000 residents in the South Bay are jobless, up 7 percent compared to May. The local unemployment rate also increased in June to 10.5 percent, and this is after falling below 10 percent in May for the first time in more than two years.

Approved construction for development surges. Builders must have had sighs of relief lately as the construction industry experiences a bit of a turn-around in work after being flat most of the year. Authorized construction in the South Bay increased 48 percent in June, bringing in nearly $257 million, more than half of which was allotted for non-residential structures.

Filed bankruptcies fall in June. For the first time since January, bankruptcies filed in South Bay dipped below 1,000. According to the U.S. Bankruptcy Court, 970 people filed in June, an 11 percent drop compared to the previous month. Year-over-year numbers were just a bit better, posting a 13 percent decline.

INDICATOR

JUNE 2011

MAY 2011

1-MO. CHG.

JUNE 2010

1-YR. CHG.

Residents employed¹

807,100

804,500

0.3%

795,200

1.5%

Residents unemployed¹

94,300

88,100

7%

101,500

-7.1%

Unemployment rate¹

10.5%

9.9%

6.1%

11.3%

-7.1%

Total jobs¹

882,900

874,600

0.9%

866,300

1.9%

SV150 market value

$1.49 trillion

$1.55 trillion

-8.4%

$1.21 trillion

23.1%

Median home sale price¹

$598,000

$585,000

2.2%

$600,000

-0.3%

Homes sold¹

1,300

1,138

14.2%

1,336

-2.7%

Bankruptcies filed²

970

1,088

-10.8%

1,114

-12.9%

New business applications³

516

707

-27%

501

3%

Air passengers4

759,605

719,825

5.5%

766,344

-0.9%

Air freight tonnage4

3,945

4,012

-1.7%

3,543

11.3%

Total hotel rooms sold5

95,938

91,228

5.2%

81,081

18.3%

Average hotel room rate5

$124

$126

-1.6%

$111

11.7%

Average occupancy rate5

72.31%

66.77%

8.3%

61.16%

18.2%

Hotel room revenue5

$11,896,348

$11,494,710

3.5%

$8,967,103

32.7%

Office/R&D space to let

41,790,961

43,322,794

-3.5%

48,276,708

-13.4%

Pct. of total space up for lease

19%

19.7%

-3.6%

22%

-13.6%

Approved construction¹

$256,698,000

$173,729,000

47.8%

$165,399,000

55.2%

Non-residential

$149,340

$103,093

44.9%

$76,982

94%

Residential

$107,358

$70,636

52%

$88,417

21.4%

New housing units OK’d

321

98

227.6%

236

36%

Local consumer price index6

233.6

234.1

-0.2%

218.0

7.2%

U.S. consumer price index6

225.7

224.9

0.4%

228.1

-1.1%

NA — Not available 1Santa Clara County 2Santa Clara, Santa Cruz, San Benito, Monterey counties 3City of San Jose 4Through San Jose International Airport 5Major hotels in San Jose

6Index for Bay Area is updated bimonthly. Change is based on the most recent figures available. The monthly comparison for both the region and U.S. are for a two-month period.

Source: California Employment Development Department, DataQuick Information Systems, U.S. Bankruptcy Court, city of San Jose, San Jose International Airport, San Jose Convention & Visitors Bureau, Construction Industry Research Board, U.S. Bureau of Labor Statistics

Five reputed Vallejo gang members, one of them already convicted of murder earlier this year, appeared in Solano County Superior Court on Friday to face more legal proceedings in the coming weeks in connection with the shooting deaths of three men in 2017 and 2018 in Vallejo.

A Mountain View entrepreneur who developed a device to help patients with chronic obstructive pulmonary disease, or COPD, captured the $20,000 first prize in the 19th annual Big Bang! Business Competition at UC Davis.